ANGLO-DUTCH publishing group Reed Elsevier has named Fortune 500 chief financial officer Duncan Palmer as the successor to Mark Armour, who will stand down at the end of the year.
Palmer joins Reed Elsevier as CFO designate at the end of August from NYSE-listed fibreglass company Owens Corning, where he has been CFO for the past five years.
Previously, he worked in a number of senior finance roles for Royal Dutch Shell in the UK, the Netherlands and the US.
Reed announced last October that Armour would step down at the end of this year, partly as the result of pressure from investors over stagnant growth.
Anthony Habgood, chairman of Reed Elsevier, said: “Mark Armour has been a cornerstone of the development of Reed Elsevier over his 16 years as CFO. I would like to thank him for his outstanding service and wish him every good fortune on retirement.”
Shares in Reed rose 0.4% in morning trading. For share price information, visit the Share Price Centre.
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